Bank of America Plans to Open a Ripple (XRP) and Stellar (XLM) Competitor for ‘Cross-Bank Operations'

Bank of America Plans to Launch a Ripple-Like Service for its ‘Cross-Bank Operations’

It has just come to light that the Bank of America is all set to deploy a new app that will allow customers to transfer their money across banks like Merrill Lynch, Merrill Edge or US Trust, without having to go through the process of ‘re-authentication’ every time a transfer is made between the aforementioned financial institutions.

This move is a part of BOA’s latest strategy to “integrate fintech into the traditional financial service domain”. In relation to the matter, a statement on the bank’s official website currently reads:

“We’re pleased to offer our 26 million mobile users a new suite of innovative features.”

More on the Matter

The aforementioned app is primarily tailored to suit the needs of those clients who own a million dollar (or more) worth of assets and are looking to transact between the previously mentioned banks without facing any regulatory red tape or high processing fees. This move can significantly take on the likes of Ripple (XRP) and Stellar (XLM) payment railway services.

While talking about the new app and its envisioned usability, Aron Levine, the CEO of Merrill Edge, stated:

“Our research continues to underscore the growing importance of mobile technologies and financial planning across generations. This is especially true for today’s millennials, as three-quarters believe that all financial decisions will be made with the help of technology in their lifetime, and approximately two in three are already turning to finance apps for guidance.”

Key Features of the App

At this point, it is also worth mentioning that the soon to be released app will most likely come loaded with a host of novel features including:

  • A personalized clash flow protocol
  • Biometric authentication
  • Seamless P2P transactability
  • Compatibility with Bank of America’s Digital Mortgage Experience update
  • Customizable alert configurations

Not only that, company reps also claim that as time progresses, they will add more features to the app such as an online bill payment module, additional UI updates etc.

Final Take

While Wall Street has been quite reluctant to embrace cryptocurrencies, the fact that large banking institutions are nevertheless entering this burgeoning domain is a promising sign (to say the least). However, only time will tell if BOA’s latest move will pay dividends for the firm in the near future.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,473FansLike
2,795FollowersFollow
4,198FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping! Is anyone getting 2017 vibes? https://twitter.com/CryptoMichNL/status/1280821951011999745 Tis' the time when gains floweth over. Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading...

South Korean Govt. Permits Blockchain-Based Free Trade Zone for Industrial Hemp After Amending 70 Year Old Narcotics Law

The South Korean government has granted a permit to Andong city in Gyeongbuk province of South Korea to run a free trade zone for...

Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options

Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets. Kraken has...

India’s Tech Giant, Tata Consultancy Services (TCS), to Launch ‘Quartz' Crypto Trading Solution For Institutions

Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to...

Nexo Collabs With Chainlink; Using Its Decentralized Oracle Network for Crypto Lending Transparency

Nexo’s, leading crypto lender will integrate Chainlink’s extensive Oracle Network to its platform in a bid to decentralize and secure its infrastructure as...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today